Peer Data

Endowment Radar Study 2020: The Endowment as Ballast

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While colleges and universities have faced several financial fissures due to the disruptions of COVID-19, their endowments have been a source of financial stability. Four key financial indicators tell this story: operating margins were compressed, tuition discounts grew, institutions borrowed more debt, and endowment spending was consistent. In this note, we review these financial pressures and the endowment implications that emerged in Cambridge Associates’ second annual Endowment Radar Study of private college and university finances.

Annual Review of Endowments: Fiscal Year 2020

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This report summarizes returns, investment policy, asset allocation, and related trends for 312 endowed institutions. Included are exhibits on asset class returns, performance attribution, risk analytics, policy portfolio benchmarking, and uncalled capital commitments. The analysis is broken down by size of assets under management and by institution type. The report also contains sections on investment manager structures, payout from the long-term investment portfolio, and investment office staffing and governance.

College and University Investment Pool Returns: Fiscal Year 2020

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This report summarizes the results of our fiscal year college and university survey. Included are commentary and analysis of investment performance, asset allocation, and related trends for 159 colleges and universities. The report also summarizes peer data on topics such as investment policy, portfolio manager structures, spending, and investment office staffing and governance.

College and University Flash Statistics Report: Fiscal Year 2020

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The College and University Flash Statistics Report provides a first look at the results of our 2020 College and University Investment Pool Returns survey. Included in the analysis are a summary of investment pool returns and asset allocation for 159 colleges and universities. Additionally, the report provides detailed data by institution on asset allocation and…

Spending Policy Practices: 2020

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Annual distributions from the endowment are a source of supplemental operating revenue for most endowed institutions. An institution’s endowment spending policy provides a basis for the calculation of the annual distribution, serving as a bridge that links the long-term investment portfolio and the enterprise. The data and analysis in this report provide an in-depth look at the various spending rule types that are used among our endowed clients. Also included are analysis on the endowment’s support of operations and effective spending rate.